What are the benefits of downsizing?

THERE will come a time in your life when you will want to downsize.

This could be because you would like to release some equity, or it could be because your children have moved out and you now don’t need as much space as you did before.

Either way, there are so many benefits to downsizing that you’ll be sure to consider it for your own future.

Perhaps you feel your property is too big for your current family size, or you cannot keep up with the rising costs of utility bills.

Perhaps you simply want to move somewhere more central or into the countryside.

Whatever your reason, downsizing can be good for your budget, your wellbeing and your life.

What benefits are there to downsizing?

By downsizing, it’s likely you can do more with your money.

In some cases, this could mean moving to a location that you have always dreamed of just by choosing a smaller property.

Similarly, you can also move into a space that has been better designed, which will save you remodelling your current home.

Huge increase in savings

When you downsize, you have the opportunity to increase your liquid funds, especially if your mortgage is paid off or mostly paid off.

This way, you have money you can put towards your retirement, renovations of your new home or to enjoy the good things in life.

More efficient use of your home

If you have a big family and they have all moved out, then you don’t have an efficient use of your current space. Downsizing will allow you to live more efficiently, rather than wasting space that is not required.

Greater wellbeing and happiness

Many people find greater happiness when they downsize. Remember, downsizing doesn’t mean living in a single room, it simply means forgoing excess space so that your funds and life can go further.

Tips to successfully downsize

Downsizing is so much more than just buying a smaller home or even a mobile property – a growing trend that helps those with an adventurous spirit see the world.

It is not realistic to assume you can just downsize. You will need to reduce your dependence on material items and be aware of the strategies “tiny home” owners have used.

Declutter in advance

The biggest issue with downsizing is getting used to a smaller number of belongings.

Before you go looking for a smaller property to purchase, it’s a good idea to declutter your home and try to figure out what you actually need.

Consider space-saving solutions

You could look into furniture which would give you the versatility of a bigger home in a smaller space.

After all, the chances are you’ll have a healthy sum of money left over once you downsize.

Downsizing isn’t for everyone and of course you still want to live comfortably, but when your children move out, it is often one of the best solutions to become more economical.

If you are thinking of downsizing in Newbury, please contact our expert team here at Downer & Co on (01635) 523777.

We will be delighted to show you a selection of properties that fit your requirements.